AMICO Escapes $723M Customs Surety Bond Spat

Law360, New York (September 1, 2009, 5:27 PM EDT) -- American Motorists Insurance Co. has been dropped from a $723 million putative class action brought by U.S. food producers accusing insurers of negligently issuing customs surety bonds and then refusing to pay up when cheap Chinese imports drove down the price of imported goods.

Under the stipulated dismissal, approved Monday in the U.S. Court of International Trade, AMICO consented to return to the suit if a Freedom of Information Act request reveals that the insurer did indeed issue single-shipper bonds between May 1998 and August 2006....
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